System and method for displaying a view of market depth on a graphical user interface

ABSTRACT

A graphical interface and method are provided for displaying market information corresponding to a tradeable object. According to one example embodiment, a market depth indicator is displayed in relation to a value axis in a market overview interface. Then, detailed market depth is displayed in a market depth interface, and a plurality of market depth prices displayed in the market depth interface are adjustable based on a position of the market depth indicator in relation to the value axis.

TECHNICAL FIELD

The present invention is directed to electronic trading. Morespecifically, the present invention is directed towards a system andmethod for trading interfaces in an electronic trading environment.

BACKGROUND

Trading methods have evolved from a manually intensive process to atechnology enabled, electronic platform. With the advent of electronictrading, a user or trader can be in virtually direct contact with themarket, from practically anywhere in the world, performing nearreal-time transactions.

Electronic trading is generally based on a host exchange, one or morecomputer networks, and client devices. In general, the host exchangeincludes one or more centralized computers to form the electronic heart.Its operations typically include maintaining an exchange order book thatrecords unexecuted orders, order matching, providing price and orderfill information, and managing and updating a database that records suchinformation. The host exchange is also equipped with an externalinterface that maintains uninterrupted contact to the client devices andpossibly other trading-related systems.

Using client devices, traders link to the host exchange through one ormore networks to trade tradeable objects. As used herein, the term“tradeable object” refers to anything that can be traded with a quantityand/or price. It includes, but is not limited to, all types of tradedevents, goods and/or financial products, which can include, for example,stocks, options, bonds, futures, currency, and warrants, as well asfunds, derivatives and collections of the foregoing, and all types ofcommodities, such as grains, energy, and metals. The tradeable objectmay be “real,” such as products that are listed by an exchange fortrading, or “synthetic,” such as a combination of real products that iscreated by the user. A tradeable object could actually be a combinationof other tradeable objects, such as a class of tradeable objects.

A client device is a computer such as a personal computer, laptopcomputer, hand-held computer, cell phone, personal digital assistant(“PDA”), or some other screen-based user interaction device that hasnetwork access. A network is a group of two or more computers or deviceslinked together in any fashion, which may be characterized by topology,protocol, and architecture. For example, some market participants maylink to the host through a direct network connection such as a T1 orISDN. Some participants may link to the host exchange through directnetwork connections and through other common network components such ashigh-speed servers, routers, and gateways that allow a trader to connectto an electronic exchange. The Internet, a well-known collection ofnetworks and gateways, can be used to establish a connection between theclient device and the host exchange. There are many different types ofwired and wireless networks and combinations of network types known inthe art that can link traders to the host exchange.

Sometimes, on their machines, traders use automated or semi-automatedtrading tools, collectively hereinafter referred to as automated tools,that automatically or semi-automatically send orders for tradeableobjects to the exchange. Many different trading tools are usuallyprovided to, among other things, facilitate fast and accurate orderentry. For instance, an automated or semi-automated tool might quicklycalculate one or more order parameters, such as order price or orderquantity, based on market conditions, or some other reference condition,and then automatically send an order with these parameters to anexchange for matching.

In addition to trading individual tradeable objects, many traders areinvolved in executing trading strategies that require constant trackingof a large number of individual tradeable objects. Such traders oftenview the status and market conditions of each tradeable object ofinterest on individual graphical interfaces that are used for tradingeach tradeable object. Typical trading interfaces present the status ofeach tradeable object in a line of numeric data fields covering keyvariables relevant to trading, such as price, quantity available at eachprice, the level of inside market, and others. The use of multipleinterfaces of this type may be burdensome to a trader who needs toaccurately and fast view critical changes in the market conditions of alarge number of tradeable objects. More specifically, using a largenumber of user interfaces or display screens that take up too much spaceon a trader's screen and don't provide easily detectable changes inmarket conditions corresponding to the tradeable objects may requirehigh levels of visual scanning and extensive mental numeric calculationson a real time basis. Additionally, when a trader uses a plurality ofinterfaces to execute trading strategies based on a large number oftradeable objects, it may be difficult and time consuming to monitorstatus and relative positions of working orders and net positions foreach tradeable object.

While many trading platforms allow a trader to enter orders directlythrough a trading interface, some traders may still enter orders throughan interaction with a pre-coded order entry window, often referred to asan “order entry ticket.” These individual interface screens aregenerally hard-coded in standard interface configurations and can onlybe manipulated to the extent that the underlying window controlfunctions only allow basic functions, such as simple resizing of the“order entry ticket.” While a trader could configure individual settingswithin an order entry ticket, such as a default price or quantity, thetrader has no control related to the overall physical layout of themajor controls of the order entry ticket itself.

To profit in electronic markets, market participants must be able toassimilate large amounts of data in order to recognize market trends,view current market conditions, and quickly enter, cancel, update, andmodify orders. Thus, it is desirable to offer tools and tradinginterfaces that can assist a trader in trading in electronic tradingenvironments, and are flexible enough to meet different traders' tradingobjectives as well as their individual trading styles.

BRIEF DESCRIPTION OF THE DRAWINGS

Example embodiments are described herein with reference to the followingdrawings, in which:

FIG. 1 illustrates a trading system for electronic trading according toan example embodiment, wherein the trading system includes a tradingstation where a trader can submit bids and offers for a tradeable objectbeing traded at an electronic exchange;

FIG. 2 illustrates another trading system for electronic tradingaccording to another example embodiment, wherein the trading systemincludes a trading station where a trader can submit bids and offers fora tradeable object being traded at more than one electronic exchange;

FIG. 3 is a block diagram illustrating a combination of a market depthinterface and a second interface for selecting a tradeable object forwhich the trader wishes to view detailed market conditions via themarket depth interface;

FIG. 4 is a block diagram illustrating an example display of multiplemarket depth interfaces for a plurality of tradeable objects;

FIG. 5 is a block diagram illustrating one example embodiment of a depthinterface that displays market data and trader-related information for atradeable object;

FIG. 6 is a block diagram illustrating another example interface thatincludes a combination of a depth interface and an overview interface;

FIGS. 7A-7E illustrate a plurality of depth interfaces with variouslevels of market depth information;

FIGS. 8A and 8B illustrate a change order interface and an open orderinterface that can be used by a trader to change order parameters aswell as perform many other order related actions;

FIG. 9 is a block diagram illustrating a plurality of depth interfaceswith accompanying change order and open order interfaces;

FIG. 10 is a block diagram illustrating an example set of modules thatcan be used by a trader to create a desired order entry ticket and/ororder change interface;

FIG. 11 is a block diagram illustrating an example configurationinterface that a user can use to create a desired order entry/changetickets;

FIG. 12 is a block diagram illustrating a plurality of order entrytickets; and

FIG. 13 is a block diagram illustrating a configuration interface forcreating trading workspaces.

DETAILED DESCRIPTION I. Overview

Example systems and associated methods described below provide a tradinginterface and trading tools that provide a trader with a system whichcan be configured to reduce the amount of cognitive workload required tomonitor and make trades in tradeable objects.

According to one example method, a market depth indicator is displayedin relation to a first value axis using a first value scale in a marketoverview interface. In one embodiment, the market depth indicatorcorresponds to a plurality of market depth prices for the tradeableobject. The method further includes displaying a market depth interfacein relation to the market overview interface, where the market depthinterface displays the plurality of market depth prices and a pluralityof areas for displaying at least a bid quantity indicator at a highestbid price and an ask indicator at a lowest ask price in relation to asecond value axis. According to the example embodiment, the plurality ofmarket depth prices displayed in the market depth interface areadjustable based on a position of the market depth indicator in relationto the first value axis. Upon moving the market depth indicator to a newlocation in relation to the first value axis such that the market depthindicator corresponds to a new plurality of market depth prices, themarket depth interface is dynamically modified by adjusting theplurality of market depth prices to display the new plurality of marketdepth prices with corresponding bid and ask quantities available for thetradeable object at the electronic exchange.

While the example embodiments are described herein with reference toillustrative embodiments for particular applications, it should beunderstood that the example embodiments are not limited thereto. Othersystems, methods, and advantages of the present embodiments will be orbecome apparent to one with skill in the art upon examination of thefollowing drawings and description. It is intended that all suchadditional systems, methods, features, and advantages be within thescope of the present invention, and be protected by the accompanyingclaims.

II. A First Example Trading System

FIG. 1 illustrates an example electronic trading system in which theexample embodiments may be employed. In this example, the systemcomprises a trading station 102 that accesses an electronic exchange 104through a gateway 106 via wireless, wired, or the combination of thewired and wireless connections. Router 108 is used to route messagesbetween the gateway 106 and the electronic exchange 104. The electronicexchange 104 includes a computer process (e.g., the central computer)that matches buy and sell orders sent from the trading station 102 withorders from other trading stations (not shown). The electronic exchange104 may list one or more tradeable objects for trading. While not shownin FIG. 1 for the sake of clarity, the trading system may include otherdevices that are specific to the client site like middleware andsecurity measures like firewalls, hubs, security managers, and so on, asunderstood by a person skilled in the art.

Regardless of the type of order execution algorithm used, the electronicexchange 104 provides market information to the subscribing tradingstation 102. Market information may include data that represents justthe inside market. The inside market is the lowest sell price (best ask)and the highest buy price (best bid) at a particular point in time.Market information may also include market depth. Market depth refers toquantities available at the inside market and can also refer toquantities available at other prices away from the inside market. Thequantity available at a given price level is usually provided by thehost exchange in aggregate sums. In other words, an exchange usuallyprovides the total buy quantity and the total sell quantity available inthe market at a particular price level in its data feed. The extent ofthe market depth available to a trader usually depends on the exchange.For instance, some exchanges provide market depth for all (or most)price levels, while some provide only quantities associated with theinside market, and others may provide no market depth at all.Additionally, the exchange 104 can offer other types of marketinformation such as the last traded price (LTP), the last tradedquantity (LTQ), order fill information, different order types, contraparty identity data, firm identity data, and general market conditions,such as overall index values and exchange trend data.

The computer or some other device with a user interface employed as thetrading station 102 generally can range from a laptop, personalcomputer, or hand-held device, such as a PDA or a cell phone, to alarger computer such as a workstation and multiprocessor. Anillustrative personal computer may use Pentium™ microprocessors and mayoperate under a Windows operating system, or yet may use some othermicroprocessor or operating system. Generally, the trading station 102includes a monitor (or any other visual display type output device) andan input device, such as a keyboard and/or a two or three-button mouse,a touch panel, a 3D mouse, or a pen-input to support user initiatedtrading, if so desired. Input modules may also include speech activatedselection processes that convert hardware or software input devicecommands to machine executable actions. It should be understood that thetrading station 102 can include any screen-based display modality toembody the visual display of tradeable information. It should beunderstood that the displays could also include projections on surfacesor other objects. One skilled in the art of computer systems willunderstand that the present example embodiments are not limited to anyparticular class or model of computer employed for the trading station102 and will be able to select an appropriate system.

The computer employed as the gateway 106 generally can range from apersonal computer to a larger computer. An illustrative gateway 106computer may use Pentium™ microprocessors and may operate under aWindows (server or workstation) operating system, or yet some othersystem. Generally, the gateway 106 may additionally include amonitor/display device (or any other output device), input device, andaccess to a database, if so desired. One skilled in the art of computersystems will also understand that the present example embodiments arenot limited to any particular class or model of computer(s) employed forthe gateway 106 and will be able to select an appropriate system.

It should be noted that a computer system that may be employed here as atrading station or a gateway generally includes a central processingunit, a memory (a primary and/or secondary memory unit), an inputinterface for receiving data from a communications network, an inputinterface for receiving input signals from one or more input devices(for example, a keyboard, mouse, voice activation, etc.), and an outputinterface for communications with an output device (for example, amonitor). A system bus or an equivalent system may providecommunications between these various elements.

It should also be noted that the trading station 102 generally executesapplication programs resident at the trading station 102 under thecontrol of the operating system of the trading station 102. Also, thegateway 106 executes application programs resident at the gateway 106under the control of the operating system of the gateway 106. In otherembodiments and as understood by a person skilled in the art, thefunction of the application programs at the trading station 102 may beperformed by the gateway 106, and likewise, the function of theapplication programs at the gateway 106 may be performed by the tradingstation 102. Alternatively, it should be understood that the tradingstation 102 and the gateway 106 could also use other operating systems,such as Internet or web operating systems or web-based operatingsystems.

The actual electronic trading system configurations are numerous, and aperson skilled in the art of electronic trading systems engineeringwould be able to construct a suitable network configuration. For thepurposes of illustration, some example configurations are provided toillustrate where the elements may be physically located and how theymight be connected to form an electronic trading system. Theseillustrations are meant to be helpful to the reader, and they are notmeant to be limiting. According to one example illustration, the gatewaydevice may be located at the client site along with the trading station,which is usually remote from the matching process at the electronicexchange. According to this instance, the trading station, the gateway,and the router may communicate over a local area network, and the routermay communicate with the matching process at the electronic exchangeover a T1, T3, ISDN, or some other high speed connection.

According to another example embodiment, the client site may be locatedon the actual grounds of the electronic exchange (for example, in thebuilding of the exchange). According to this instance, the tradingstation, the gateway, and the router may still communicate over a localarea network, but the router may communicate with the matching processat the electronic exchange through another connection means besides aT1, T3, or ISDN.

In yet another example illustration, the gateway may be housed at, ornear, its corresponding electronic exchange. According to this instance,the trading station may communicate with the gateway over a wide areanetwork or through the use of a T1, T3, ISDN, or some other high speedconnection.

In another example illustration, the gateway may be located remote fromthe trading station and remote from the electronic exchange, which mightbe particularly useful in systems that include interconnection ofmultiple trading networks. Thus, one trading network might have gatewayaccess to an electronic exchange. Then, other trading networks maycommunicate with the trading network that has gateway access through aT1, T3, ISDN, or some other high speed connection.

III. A Second Example Trading System

FIG. 2 illustrates another example trading system that uses similarcomputer elements as shown in FIG. 1, in which, the example embodimentsmay be employed to trade at multiple electronic exchanges. The systemcomprises a trading station 202 that can access multiple electronicexchanges 204 and 208. In this particular embodiment, electronicexchange 204 is accessed through gateway 206 and electronic exchange 208is accessed through another gateway 210. Alternatively, a single gatewaymay be programmed to handle more than one electronic exchange. Router212 is used to route messages between the gateways 206 and 210 and theelectronic exchanges 204 and 208. While not shown in the figure, thesystem may include other devices that are specific to the client sitelike middleware and security measures like firewalls, hubs, securitymanagers, and so on, as understood by a person skilled in the art.Additional electronic exchanges may be added to the system so that thetrader can trade at any number of exchanges, if so desired, using thetrading interface and displays described hereinafter.

The trading system presented in FIG. 2 provides the trader with theopportunity to trade tradeable objects listed at different electronicexchanges. To some traders, there can be many advantages with amulti-exchange environment. For example, a trader could view marketinformation from each tradeable object through one common visualdisplay. As such, price and quantity information from the two separateexchanges may be presented together so that the trader can view bothmarkets simultaneously in the same window. In another example, a tradercan trade a trading strategy, such as a spread, using differenttradeable objects listed at different electronic exchanges. A spreadgenerally includes buying at least one tradeable object and, usually atthe same time, selling at least one different tradeable object in aneffort to reduce the trader's downside risk of trading a tradeableobject.

As indicated earlier, one skilled in the art of electronic tradingsystems engineering will understand that the present embodiments are notlimited to the particular configurations illustrated and described withrespect to FIG. 1 and FIG. 2, and will be able to design a particularsystem based on the specific requirements (for example, by addingadditional exchanges, gateways, trading stations, routers, or othercomputers serving various functions like message handling and security).Additionally, several networks, like either of the networks shown inFIG. 1 or FIG. 2, may be linked together to communicatively access oneor more electronic exchanges.

IV. Graphical User Interfaces

The example embodiments described below include trading interfaces thatallow a trader to gain a fast, accurate, and comprehensive view of thecurrent market conditions for a large number of tradeable objects. Theembodiments also describe a new method and interface that allows atrader to better visualize the status and modify parameters of a largenumber of orders corresponding to a plurality of tradeable objects.

In addition to the trading interfaces, which display the market data oftradeable objects in a form that reduces the cognitive workload of atrader and allow for the accurate and rapid tracking of many tradeableobjects, the example embodiments described below also include a neworder entry/order change ticket. The example order entry/change ticketallows a trader to control the overall physical layout of its componentsthereby making it possible to create order entry controls that can behighly tailored to traders' specific trading style and needs. Theuser-configurable order entry/order change ticket and scaleable depthdisplay allows a trader to create customized layouts that are moreclosely aligned with the trader's individual trading style, theembodiments of which will be described in greater detail below.

A. Market Depth Interfaces

FIG. 3 is a block diagram illustrating an example interface 300 thatprovides limited market data for a large number of tradeable object andallows a trader to selectively and quickly view more detailed marketinformation for a desired tradeable object.

The interface 300 includes a depth gauge interface 304 and a market viewinterface 302. The market view interface 302 displays limited marketinformation for a number of tradeable objects. More specifically, themarket interface 302 includes a “Name” column 308 that displays names oftradeable objects selected by a trader, such as “FGBL-TT Sep06,” andothers shown in FIG. 3. Other columns of the market interface 302include working buys (“WrkBuys”) 310, bid quantity (“BidQty”) 312, bidprice (“BidPrc”) 314, ask price (“AskPrc”) 316, ask quantity (“AskQty”)318, working sells (“WrkSells”) 320, net position (“NetPos”) 322, lasttraded price (“LastPrc”) 324, last traded quantity (“LastQty”) 326. Forexample, in relation to the first tradeable object “FGBL-TT Sep06,” atrader has no working buy quantity or sell quantity as shown at 310 and320, the bid quantity of 797 is pending at the best bid price of 49825,the ask quantity of 125 is pending at the best ask price of 49800, andthe last traded quantity of 134 was traded at the last traded price of49850.

While the market view interface 302 displays only a selected number ofparameters related to the tradeable object, a user could obtain a moredetailed look at market conditions of a selected tradeable object viathe depth gauge interface 304. According to one example embodiment, auser could move a cursor or yet some other screen icon of a user inputdevice in a scan region 306 of the market view interface 302 to scan aseries of tradeable objects and obtain a rapidly viewable detailed lookat price and quantity data for a tradeable object via the depth gaugeinterface 304.

According to one example embodiment, upon detecting a predefinedmovement of an icon or some other indicator corresponding to a userinput device between the cells displayed in the column 306, the marketinterface 302 could automatically display detailed market conditions fordifferent tradeable objects upon detecting different locations of acursor in relation to tradeable object identifiers displayed in atradeable object (“T.O.”) column 308. Such a configuration allows atrader to quickly and selectively view more detailed market conditionscorresponding to the tradeable objects in the market window 302, and theapplication of the predefined movement in the column 306 prevents fromaccidental switching of what is displayed in the market window 302 andallows for recognition of intentional vs. unintentional requests for achange. It should be understood that the predefined movement thattriggers changes in the market interface 302 could be defined based on anumber of parameters. According to one example embodiment, theparameters could be based on a directional movement, a speed ofmovement, or the combination thereof. For example, if a user inputdevice is moved up and down in the column 306, different tradeableobjects are selected. However, if the movement is left or right or atsome other angles, no changes to the selected tradeable object would bemade. Additionally, if a user input device is moved too fast, no changesin the selection of the tradeable object may occur. In addition to thespeed of movement and directional movement, a change in the selectedtradeable object may occur upon detecting that a user input devicehovers over an indicator corresponding to a tradeable object in thecolumn 306 irrespective of at what speed the user input device wasplaced at the indicator.

According to one example embodiment, an order ticket, such as the oneillustrated in relation to later figures could be displayed in relationto the interface 302, so that when a user moves a cursor in the scancolumn 306, the data displayed in the order ticket may dynamicallychange as well to correspond to the currently selected tradeable object.For example, depending on an order ticket configuration, the orderticket could dynamically display an inside market price currentlyavailable for the tradeable object, a default quantity preset for thetradeable object by a user, and other parameters specified for thetradeable object, such as order types available for trading thetradeable object. Such an embodiment may be very useful as a user canquickly enter orders for a number of tradeable objects usingpreconfigured order tickets for each tradeable object.

It should be understood that more than one depth interface, such as theinterface 304, could be displayed simultaneously in relation to themarket interface 302. To do that, in an embodiment where a trader uses amouse as a user input device, the trader could first double-click on thefirst selected tradeable object to create a permanent window for thattradeable object, and then move the mouse in the “Scan” column 306 toactivate a new depth interface. The new depth gauge interface could bedisplayed in relation to the depth gauge interface 304, such as at thetop, or on the side of the interface 304, based on the user'sconfiguration. A trader could use the same method to display additionaldepth interfaces. It should be understood that different methods couldalso be used to create additional depth gauge interfaces. For example, auser could create a new depth gauge interface by selecting a scan cellin the “Scan” column 306 corresponding to a desired tradeable object anddragging the selected cell to any area outside the market view interface302. In such an embodiment, the release of the click and drag sequencemay result in the display of a new depth gauge interface at a newlocation on the screen.

It should be understood that rather than displaying a different view ofmarket data every time a cursor is moved up and down in the scan region306 between levels corresponding to different tradeable objects, thedepth gauge interface 304 could display market data corresponding to aselected tradeable object regardless of the position of the cursor inthe region 306 relative to the tradeable object indicators. According toone example embodiment, a user could select a desired tradeable objectfor which the user wishes to view the detailed market information viathe interface 304 by double clicking on a desired tradeable objectidentifier in the T.O. column 308. Also, it should be understood thatmultiple depth gauge interfaces could be displayed in relation to themarket view interface 302. According to one example embodiment, tocreate a new instance of a depth gauge interface, a user could move acursor in the scan region 306 relative to the tradeable objectindicators to activate a new depth gauge interface.

It should be understood that a user could modify the width and height ofthe scan region 306 as well as other columns that will be describedbelow by modification of the overall size of the window corresponding tothe market view interface 302 or by selection of a width control foreach column. The ability to reduce or enlarge the size of the columns,especially of the scan column 306, allows for greater control of thearea to be detected by the system to bring forth a depth gauge displayfor the tradeable objects.

The example embodiment illustrated in FIG. 3 also provides an automaticcycle feature which automatically cycles through the tradeable objectsdisplayed in the market view interface 302 based on a user-defined cycletime. A user could activate or deactivate the automatic cycle mechanismby selecting an “automatic cycle of data” tab 328. Such an embodimentallows a trader to receive visual presentation of detailed market datavia the depth gauge interface 304 for each tradeable object withoutspecific interaction via the scan column 306. It should be understoodthat automatic cycle display times can be set for all or any combinationof tradeable objects shown in the display by the selection of a “Set-upAutomatic cycle” tab 330 that may activate one or more user interfacesfor setting up a desired cycle.

In addition to being able to set automatic display cycles, a user couldalso set one or more depth gauge interfaces to present data fromtradeable objects selected based on some other preset variables. Forexample, the preset variable for selection of tradeable objects couldinclude “most active market,” “highest volume,” “greatest move sinceopen,” “greatest change over a set period of time,” and many others. Itshould be understood that a combination of variables could be used aswell. Additionally, a user could use the automatic display functions tocreate relationships between tradeable objects that result in the cycleddisplay of depth gauge interfaces that could present market conditionsof certain tradeable objects. The relationships between the tradeableobjects could be created using Boolean operators, such as “AND,” “OR,”or “NOT” functions, or using some other configuration methods. Theseadditional cycle related functions can be associated with a “Customcycle routines” button 332. The automatic custom routines may be veryuseful to a trader as they relieve the trader from constantly monitoringthe display for critical changes in market conditions for a large numberof tradeable objects.

FIG. 4 is a block diagram 400 illustrating a plurality of simultaneouslydisplayed depth gauge interfaces that display market data correspondingto a plurality of tradeable objects. The block diagram 400 illustrates asection of a market view interface 402, the features of which weredescribed in FIG. 3, and three depth gauge interfaces 404, 406, and 408.The depth interfaces 404-408 display market data corresponding to thethree top tradeable objects that were selected from the market viewinterface 402. It should be understood the depth gauge interfaces couldbe stacked in any combination of positions on the traders' screen sothat the data displayed via the depth gauge interfaces remain in fullview. In the illustrated embodiment, as the tradeable objects arepreselected via the market view interface 402, there is no need for auser to interact with the market view interface 402 to switch betweenthe markets displayed via a single depth gauge interface. Thus, such aconfiguration decreases the amount of cognitive effort required on thepart of a trader and enables the trader to concentrate on trading andmonitoring the selected markets. It should be understood that each depthgauge interface illustrated in FIG. 4 can be resized to either increaseor reduce the amount of information displayed via each interface. Also,a series of set up parameters could be used to either fix the amount ofinformation displayed on an interface or to enable changes in the amountof data displayed based on the size of the interface. In the fixed modeof the operation, the extent of data displayed in a depth gaugeinterface may be set to not change but rather may be visually cut off asthe size of the interface is decreased. In the second mode, the systemmay automatically eliminate data from the interface until the interfacedisplays the smallest preset view. It should be understood thatdifferent configurations are possible as well. Also, based on the numberof tradeable objects selected in the market interface 402, more thanthree depth gauge interfaces could be displayed as well.

FIG. 5 is a block diagram illustrating one example embodiment of a depthgauge interface 500 that displays market data and trader-relatedinformation for a tradeable object. The market data in the depth gaugeinterface 500 is displayed in relation to a number of columns; however,it should be understood that different layouts are possible as well. Forexample, rather than displaying price information vertically, the pricescould be displayed horizontally or at some other user-defined angle.Additionally, any user defined shapes or colors could be used torepresent various data or indicators that are displayed via theinterface 500.

The depth gauge interface 500 displays market depth corresponding to atradeable object by displaying price levels and quantities correspondingto each price level as shown at 502A and 504A, for the ask side of themarket, and 502B and 504B for the bid side of the market. While theprice columns for each bid and ask side of the market form two separatecolumns, it should be understood that one continuous column displayingboth ask and bid prices, or yet different layouts could be used as well.Also, as mentioned earlier, while the depth gauge interface 500 displaysprice values, a derivative of the price, or yet some other values couldbe used. It should be understood that a trader could enlarge theinterface 500 in a vertical direction thereby causing the interface todisplay additional price values and additional market informationcorresponding to the additional prices.

As shown in FIG. 5, the current market conditions correspond to the bestbid quantity of 3 at the price of 49800 and the best ask quantity of 797at 49825. According to an example embodiment, these as well as othermarket depth levels corresponding to a tradeable object are dynamicallyupdated based on market updates that are received from an electronicexchange so that the depth gauge window 500 can display current marketconditions for a specific tradeable object. In addition to numericalvalues corresponding to the currently available quantities, the depthwindow may also provide a graphical representation of a quantity valueat each price level, as shown using bars at each price level, such as abar 522 representing a current quantity at the best ask. In theembodiment illustrated in FIG. 5, the length of each bar is determinedbased on a user-defined scale, with the maximum length of the barcorresponding to a quantity of 1000, as shown in a scale indicator field524. The graphical indicators of the quantity values at each price levelallow a trader to quickly assess and compare a quantity available at oneprice relative to a plurality of other prices. It should be understoodthat as one of the quantities exceeds a maximum quantity defined for thescale, e.g., when the bar reaches its maximum length such that itextends all the way to the side of the display, a visual indicator couldbe provided to alert the user that the quantity at the correspondingprice exceeds the maximum value set up for the scale. For example, theedge of the bar that touches the side of the display could behighlighted to provide a visual indicator to a user. However, it shouldbe understood that different indicators could also be used.Additionally, a user could change the scale to be used in relation tothe quantity bars, and the bars could be rescaled.

In the embodiment shown in FIG. 5, the center column may be used todisplay a number of user-defined indicators. The user-defined indicatorscould be based on market data corresponding to a tradeable object, orderdata, or theoretical values provided from the trading application or anexternal application. Indicators 506 and 508 display trader's workingorders at prices 49900 and 49725, respectively. As shown in relation tothe indicators 506 and 508, a row corresponding to the price level ofthe trader's working order may be highlighted so that the trader caneasily spot his working orders. In addition to displaying a quantity andan indicator associated with each trader's working order in the centercolumn of the depth window 500, the bar indicators at each price levelcould be color-coded to show how much of the overall quantity at eachprice level corresponds to the trader's working orders. One exampledepiction of the trader's quantity in relation to a bar at 49725 isshown at 526, where the trader's working order makes up 100 of theoverall quantity of 108 at that price level.

The center column can also be used to display any other user-definedindicators. For example, an indicator 520 displays a target price levelset by a user based on any user-defined formula. When the market reachesthe designated price, or yet some other condition is satisfied inrelation to the designated price, the indicator 520 could start flashingor yet some other alert could be provided as well. The interface alsodisplays a last traded quantity/price indicator at 510. As shown in FIG.5, the indicator 510 is located at the level of the last traded price,here 49850, and a numerical value corresponding to the last tradedquantity is displayed in relation to the indicator. According to oneexample embodiment, when a new last traded quantity/price is detected,the indicator could start flashing or yet some other alerting methodcould be used. Also, while the indicator 510 corresponds to the lasttraded quantity/price on the sell side of the market, it should beunderstood that a similar indicator could also be displayed on a buyside of the market, here, to the left of the bid quantity indicators ifthe last traded price corresponds to a price on the buy side. It shouldbe understood that different indicator types or different locations fordisplaying the last traded price indicator could also be used.

The top portion of the depth interface 500 provides a full descriptionof a tradeable object corresponding to market data displayed in thewindow 500, as shown at 518. It also defines a net change between thecurrent market level and a predefined market level, such as a net changesince the last update, here “6” shown at 516, the total traded volume at514, and a trader's net position at 512. Also, the bottom portion of theinterface includes a number of features that allow a trader to controlthe layout of the interface. For example, a centering field 518 allows atrader to control a mode of centering of the interface, such as,auto-center, shown here, which would automatically re-center the view ofmarket data upon detecting a certain condition. Finally, “Hide” icons,generally indicated as 526, are shown on the bottom of the interface.The “Hide” icons allow a trader to control the overall view of theinterface by effectively eliminating certain features of the interface,the embodiments of which will be described in greater detail below. Forexample, by selecting a “Hide” icon below the center column, a tradercould hide any indicators displayed in the center column.

A trader could also enter and modify orders using the depth window 500.According to one example embodiment, a trader could place an order usingdifferent order entry methods. According to the first order entrymethod, a trader could enter an order having a preset order quantity byselecting a desired price. The selection of a price can include one ormore user inputs, such as one or more clicks with a mouse or some otherinput device, within a region corresponding to a desired price, or acombination of a single/double click and selection of a key on akeyboard. Additionally, when a mouse is used as a user input device, abuy order could be initiated by selecting a desired price level with aleft-click, and a sell order could be initiated by selecting a desiredprice level with a right-click. Those skilled in the art will understandthat different variations are possible as well.

It should be understood that an order entry region corresponding to aprice can be established as an area associated with a price, such thatany location within the specified area corresponding to the price. Insuch an embodiment, a user could enter a buy order by selecting an areaaligned with a price in a bid region. Similarly, a sell order could beplaced by selecting an area aligned with a price in an ask region. Forexample, using the interface shown in FIG. 5, a trader could enter a buyorder at a price of ‘49775’ by clicking on a location where the price isdisplayed in the bid column 502B. Alternatively, a trader could select alocation corresponding to the price of “49775” in the quantity column504B, here the location that displays the quantity of “61.” It should beunderstood that the step of selecting any other location aligned withthe price level of “49775” could activate placement of an order as well.Further, it should be understood that the region corresponding to thedesired price could be either aligned with the price level or any otherconfiguration could be used as well, such as positioning the region atsome preset angle with respect to the price level.

According to the example embodiment described above, an order is sent toan electronic exchange when a trader selects a desired price level.However, an order ticket could be used in addition to or as analternative to the order entry method described above. According to oneexample embodiment, an order entry ticket could be used as aconfirmation window that a trader could use to confirm or change orderparameters before the order is sent to an electronic exchange.Alternatively, rather than selecting a price for an order via theinterface 500, an order entry ticket could be used to preset orderparameters, such as an order price, an order quantity, and an ordertype, and to send the order to an electronic exchange.

A trader could also view and modify parameters associated with pendingworking orders by selecting a desired working order indicator in thecenter column. Similarly, a trader could quickly delete a working orderby selecting a working order indicator. According to one example, asingle click on the working order indicator could activate modificationof the order, while a double click could delete the working order.However, different embodiments are possible as well. Also, if there ismore than one order at the selected working quantity indicator, a changewindow with a list of working orders could be displayed so that a tradercan select a desired order.

The depth interface 500 could also allow a trader to move working orderindicators to different price levels. For example, if there is a singleorder that corresponds to a working order indicator, a trader couldsimply select the indicator and move it to a new price level. In such anembodiment, a new order at a new price level could automatically replacethe old order, or, alternatively, a confirmation window could bedisplayed before any action is taken. Also, a trader could consolidatemultiple orders into one price by moving multiple working orderindicators to a desired price level. Upon detecting multiple workingorder indicators at one level, a quantity of a new order would be set toa sum of the quantities of the working orders. A trader could alsodelete all working orders by selecting and dragging the center column toa predefined location on the graphical user interface, which couldinvoke a “Cancel All” confirmation window, not shown. Alternatively,different user selection inputs could also trigger cancellation of allworking orders. For example, a user could select “Cancel All Orders” tab528 to cancel all working orders.

It should be understood that the indicators displayed in relation to thevalue axis, as well as the range corresponding to the value axis, may beautomatically updated based on the changing market conditions.Additionally, the indicators shown in FIG. 5 are only examples, and moreor fewer indicators based on the user's preferences could be displayedin relation to the interface 500 as well. Also, the format of theindicators as well as the position of each column in the interface 500could be user-configurable to match each trader's trading style. Itshould be understood that different means could be used to modify thelayout of information on the interface 500. According to one exampleembodiment, a trader could, for example, drag the bid column 502Bdirectly next to the ask column 502A. Alternatively, additionalinterfaces could be provided to assist a user with changing the overalllayout of the interface, such as changing the display from thecolumn-based display of information to displaying the information, suchas prices, in a row format.

FIG. 6 is a block diagram illustrating another interface 600 thatincludes a combination of a depth interface and an overview interface.The interface 600 includes a depth interface 602, the features of whichwere described in relation to FIG. 5, and an overview interface 604.

While the depth interface 602 provides a trader with a detailed view ofmarket data and many user-defined indicators, the overview interface 604provides an overview of the current market conditions compared to alarger, user-defined scale. Also, the overview interface 604 includesadditional indicators related to the market data that are not providedin the depth interface 602 due to the scale limitations. As shown inFIG. 6, data in the overview interface 604 is displayed along an axis606 covering a price range between the highest traded price detected forthe day, here “50050” as shown at 608, and the lowest traded pricedetected for the day, here “48850,” as shown at 610. While, in thisexample embodiment, the high and low traded prices of the day determinea range being used for the axis 606, it should be understood thatdifferent parameters could also be used as reference points based onuser configuration.

It should be understood that a user could change a price scale that isused in relation to the overview interface 604. Such functionality maybe especially useful when the price range between the high and lowprices is too wide thus making it difficult to use the informationdisplayed in relation to the overview gauge interface. According to oneexample embodiment, a user could have an option to set a compressedscale or to show the scale in a segment format. Additionally, pricesabove or below the highest and lowest traded prices could be displayedas well depending on the user's preferences. A user could also includeor remove actual price value markers from the overview display. Itshould be understood that a user could achieve the desired view of thedisplays through configuration settings which could be manually set bythe user or could be based on logical expressions created by the user orthe system automatically.

According to one example embodiment, a number of market relatedindicators corresponding to the selected tradeable object could bedisplayed in relation to the value axis 606. In the example shown inFIG. 6, the indicators include a market depth indicator 612. The marketdepth indicator 612 displays a range of the current market depth, withthe indicator 612 scaled and located based on the range of values thatis used for the value axis 606. As illustrated in FIG. 6, the marketdepth indicator 612 is a scaled version of information displayed inrelation to the interface 602. Using the interface shown in FIG. 6, atrader can quickly compare the current location of the market depthcompared to the highest and lowest traded prices, or yet some otherreference points specified by a user. It should be understood that therange of the indicator 612 may depend on a number of price levelsdisplayed in the depth interface 602. Alternatively, when the overviewinterface 604 is used separate from the depth interface 602, the rangeof the indicator 612 could depend based on a host exchange providingmarket depth, since some exchanges provide market depth for all or manyprice levels, while others limit the number of market depth levels toonly a few price levels.

It should be understood that the overview gauge 604 could be usedwithout the presence of the detailed market depth gauge 602. Forexample, the overview gauge 604 could be displayed along other overviewgauge interfaces. In such an embodiment, specific content informationrelevant to the tradeable object may be automatically transferred to theupper portion of the overview gauge 604, or yet some other locationselected by a user, for the purpose of identifying the tradeable objectrepresented by the overview gauge 604. The transferred data may includethe name of the tradeable object or some other identifiers, as well asother information.

The market depth indicator 612 includes a number of indicators that weredescribed in FIG. 5. More specifically, the market depth indicator 612includes a net position indicator 614 that can be color-coded to show ifa trader's net position is long or short (positive or negative withrespect to the current market conditions), two working order indicators616 and 622, a last traded price indicator 618, a current inside marketlevel indicator 620, and a scale indicator 624 that corresponds to thelowest price level shown in the market depth gauge interface 602 shownto the right of the market overview gauge interface 604. Additionally,the overview interface 604 displays an open price indicator 626 that wasnot shown in the depth interface 602. It should be understood that moreor fewer indicators could be displayed as well in relation to theinformation interface based on user-defined settings.

It should be understood that, similarly to the market depth gaugeinterface 602, the market overview gauge interface 604 could be used fororder entry as well. As described in greater detail below, either clickbased order entry, an order ticket based order entry, or the combinationthereof could be used to enter orders via the overview gauge interface604. Also, a user could modify order parameters corresponding to workingorders using the working order indicators 616 and 622. For example, aselection of one of the working order indicator using a predeterminedkey selection input and then clicking on the indicator may automaticallycancel a working order. Alternatively, a user could move the displayedworking order indicator to a new price level to effectively change anorder price corresponding to the working order. It should be understoodthat, according to one example embodiment, the movement of the indicatorto a new price level could activate an order ticket that could displaythe new price and allow a trader to change it before making any changesto the order.

According to one example embodiment, a trader can change the view ofmarket depth displayed in the depth interface 602 by changing positionof the depth indicator 612 in relation to the value axis 606. Morespecifically, moving the depth indicator 612 in relation to the axis 606such that the depth indicator 612 covers a new range of prices on theaxis 606 could effectively reposition the market data displayed in thedepth interface 602. Upon repositioning of the depth indicator 612, anew set of prices and corresponding market data could be displayed inthe market depth gauge interface 602. For example, if a trader leaves atrading desk and then notices that the inside market indicator 620 ispositioned outside of the prices covered with the depth indicator, thetrader can quickly move the depth indicator to a new set of price levelsthus effectively changing the view of market depth in the interface 602to now display the current market conditions including the currentinside market. According to another example embodiment, the depthindicator 612 could be automatically repositioned to cover the insidemarket and thus reflect prices closest to the inside market.

Additionally the market view displayed in relation to the market depthgauge interface 602 and the market overview gauge interface 604 could berepositioned or re-centered using either manual or automaticrepositioning commands. A manual repositioning command could take manydifferent formats, such as clicking on a preset location of the marketdepth or overview interface, selecting a preset key on a keyboard, anaudio command, or the combination thereof. It should be understood thatdifferent manual commands could be used as well. Then, an automaticrepositioning command could be triggered based on many differentcriteria. For example, an automatic repositioning command could betriggered upon detecting that an inside market is displayed a presetnumber of ticks away from the upper or lower edge of either interface602 or 604.

As mentioned earlier in relation to FIG. 5, a trader could control theamount of information displayed in a depth interface. FIGS. 7A-7Eillustrate a few examples of market depth interfaces with progressivelyless data displayed in the interface based on user-defined settings.

FIG. 7A is a block diagram illustrating a depth interface 700. The depthinterface 700 displays indicators as well as market data that weredescribed in relation to FIG. 5. Similarly to the interface in FIG. 5,the bottom of the interface 700 includes a number of selection iconsthat allow a trader to control the amount of data displayed in theinterface 700, here “Hide-1-Hide-4.” While, FIG. 7A illustrates Hidebuttons with respect to columns on the ask side of the market, it shouldbe understood that Hide buttons could be displayed with respect tocolumns that display bid related market data. In the embodiment shown inFIG. 7A and as will be described in greater detail below, selection of aHide button corresponding to a column on the ask side of the market willbe linked to the related information and a column on the bid side of themarket. For example, selection of “Hide 2” that corresponds to the askquantity column will result in removal of the ask quantity indicatorsand the quantity indicators on the bid side of the market. As mentionedearlier, separate Hide buttons could be used with respect to eachquantity indicator column. Alternatively, when a “Hide” icon isselected, rather than blanking out any numerical or graphical indicatorsin the corresponding columns, the selection could result in hiding thecolumns entirely.

FIG. 7B illustrates a view of the depth interface 702 upon selection ofthe first hide icon, “Hide-1.” According to one example embodiment, andas shown in FIG. 7B, the selection of the “Hide-1” icon results inremoval of the target price indicator, as well as the working orderindicators from the column corresponding to the “Hide-1” icon. Also, asshown in FIG. 7B, the “Hide-1” button was replaced with a “Show-1” iconthat allows a trader to dynamically re-activate the previous view of theinterface in relation to the central column.

FIG. 7C shows another view of a market depth interface 704, with both,“Hide-1” and “Hide-2” selection icons activated. According to oneexample embodiment, the activation of the “Hide-2” icon results in theremoval of numeric quantity values at a plurality of price levels beingused in relation to the interface. As shown in FIG. 7C, activation ofthe “Hide-2” icon causes removal of the quantity indicators on bothsides of the market, the bid side and the ask side.

FIG. 7D shows a subsequent view of a market depth interface 706, withthree, “Hide-1,” “Hide-2,” and “Hide-3,” icons activated. As shown inrelation to the market depth interface 706, the activation of the“Hide-3” icon results in removal of all numeric price levels on both bidand ask sides of the market, except for user-defined levels. In theshown embodiment, the user-defined levels correspond to the insidemarket prices, one price level closest to the inside market, as well asprices corresponding to trader's working orders. It should be understoodthat alternative embodiments are possible as well.

FIG. 7E shows another view of a market depth interface 708, with allfour “Hide” icons activated. Upon selection of the “Hide-4” icon via theinterface 706 is FIG. 7D, the last traded price indicator is no longerdisplayed, as shown in FIG. 7E. According to yet another exampleembodiment, a “Hide-All Numeric” icon 710 could also be provided withthe interfaces described above to enable a user eliminate all numericdata from the interface. In such an embodiment, the horizontal barscould remain displayed to show the quantity at a plurality of pricelevels. While not shown in the previous figures, it should be understoodthat the “Hide All Numeric” icon 710 could be displayed in otherinterfaces as well, depending on the user's configuration settings.Also, as shown in FIG. 7E, a user restore the default display byselecting “Show All Data” icon 712. Similarly to the “Hide All Numeric”icon 710, the icon 712 could be displayed in relation to interfaces700-706.

While the amount of information displayed in the described depthinterfaces is controlled using the hide and show buttons, it should beunderstood that different means for controlling the amount of displayedinformation could be used as well, including but not limited to logicdriven systems that are either user or algorithm determined, or thecombination thereof. Additionally, a secondary set of controls could beprovided to rearrange or remove/reestablish columns upon removal/displayof data in relation to each column. For example, upon selection of the“Hide-1” icon another “Hide Column” icon could be displayed in relationto the “Show” icon so that, upon detecting a selection of the “HideColumn,” the center column could be removed, and other market data couldbe repositioned towards the center of the interface. Also, as mentionedearlier, a trader could drag and drop columns to different locations tomatch different traders' trading styles.

B. Order Parameter Change Interface

Changing order parameters of pending orders via many existing interfacesmay be time consuming. According to one common interface, a trader hasto open an order window to view pending working orders. Then, to changeany order's parameters, a trader is required to select an order, andthen use another interface to change order parameters of the selectedorder, or yet perform some other order related actions. The problemfurther increases when a trader has many working orders associated withmultiple tradeable objects, and while the orders are pending at morethan one electronic exchange. Also, if a trader has multiple ordersworking at the same price level, the trader often needs to spend timesearching for a working order that the trader wishes to modify. Theexample embodiments for changing order parameters will be described inrelation to the interfaces described earlier. However, it should beunderstood that the functionality described below can be used incombination with any other interfaces as well.

FIGS. 8A and 8B illustrate two example embodiments, a change orderinterface 800 and an open order interface 802 that can be used by atrader to change order parameters as well as perform many other orderrelated actions.

According to one example embodiment, the interfaces 800 and 802 can beautomatically activated upon detecting a selection of a working orderindicator in the previously described overview gauge and depth gaugeinterfaces. Referring back to FIG. 5, it will be assumed that a traderselected the working order indicator 508 on the bid side of the market.Upon detecting a selection of a working order indicator, the interface802 may automatically create a complete list of working orders that arepending at the selected price level, with the selected orders shown atthe top of the interface, here three buy orders sorted based on the timewhen each order was submitted to an electronic exchange. It should beunderstood that the format of displaying the working orders shown inFIG. 8A is only an example, and many additional display formats could beused as well. According to one example embodiment, a user could, throughthe user of preferred functions, configure alternate default orderdisplay formats. Additionally, depending on the exchange, certainselection icons displayed in relation to the interface 800 could bedisplayed based on functionality provided by an exchange to which atrade order is being submitted or a change in an order parameter isbeing made. For example, if a “cancel/replace” request is not beingsupported by an exchange, the icon could be disabled. Alternatively,only selection icons corresponding to functions available at an exchangecould be provided as well.

Additionally, as shown in FIG. 8B, the interface 802 could displaydetailed information corresponding to working orders that were notspecifically selected by a trader. If there are additional workingorders that are not displayed due to the space constraints of theinterface, the interface could display a message informing a trader ofsuch conditions, such as shown at the bottom of the interface 802. Also,it should be understood that a user could resize the interface usingstandard graphical user interface manipulation methods to either viewmore or fewer orders in the open order entry window. However, it shouldbe understood that, based on a trader's preferences, the interface 802could only display working orders associated with the selected price orother orders for the tradeable object displayed in the overview anddepth gauge interfaces. Additionally, based on the selection ofadditional order display buttons shown on the top of the working orderdisplay interface at 826, a user could quickly enable the display oforders based on other sorting and display criteria. As shown in FIG. 8B,the sorting criteria could include “Buy” orders, “Sell” orders, “Size,”“Time,” “Exchange,” “Name,” or yet some other criteria, such as an ordertype, priority, and many additional factors/parameters.

According to one example embodiment, a trader can use the interface 802to select an order to be modified, here, the second order from the top,corresponding to the quantity of 30, as shown in gray background in FIG.8B. Upon the selection of a desired order, the change order interface800 can be automatically populated with order parameters correspondingto the selected order. The change order interface 804 can be used tochange order parameters. As shown in FIG. 8A, the interface 804 includesa number of icons that here correspond to a “Timed Orders” icon 804 and“OCO” icons 806. Upon selection of the icon 804, a trader can convertthe currently selected order into a timed order. Similarly, the icon 806may allow a trader to create and select desired trading strategies, suchas, for example, order cancel order (“OCO”), shown here.

According to one example embodiment, when an order is selected via theinterface 802, a working order indicator corresponding to the selectedorder displayed via the depth gauge interface and/or the overviewinterface could be highlighted or yet some other indicators could beused to visually differentiate the order from other working orders. Insuch an embodiment, if a user wishes to modify a price of the selectedorder, the user could do so by dragging the order indicator to a newprice level in the depth gauge or overview interface.

Using the change order interface 800, a trader could change the quantityof the selected order displayed in a field 816, here the quantity of 30,by selecting one of the arrows displayed in that field. The upper arrowcould be used to increase the order quantity by a preset value, and thebottom arrow could be used to decrease the order quantity by the same ordifferent preset value. Similarly, a trader could change the order'sprice displayed in a field 818 by selecting either of the arrowsdisplayed to the left of the price, here the price of 49725corresponding to the selected order. It should be understood that atrader could also select the values in the fields 816 and 818 andmanually key in desired values. Further, alternatively, a trader couldchange a quantity in the field 816 by selecting one of the values at820.

Once the order parameters are modified, a trader can select a “Change”icon 814 to send a change request for the selected order to anelectronic exchange. Alternatively, a “Clear” icon 822 can be used toclear all parameters displayed in the interface 800. Further, a“Cancel/Replace” icon 808 allows a trader to cancel the selected orderand replace it with a new order having the new parameters. A “Move toMarket” icon 810 could be used to move the selected order to a pricethat is closer to the current inside market, such as, based on theuser's configuration, a price at the inside market or a price a fewprice levels away from the current inside market. Then, a “Delete” icon812 allows a trader to delete the selected order. In addition to usingthe interface 800, a trader could also delete any order displayed in theopen order interface 802 by selecting a “Delete” icon displayed next toeach working order.

According to another example embodiment, a user could select multipleorders displayed via the interface 802 using standard or multiple customselection methods, such as Ctrl/Click or some other methods that wouldallow for the selection and modification of multiple orders. In such anembodiment, actions taken by a trader on the selected orders through theuse of the change order interface could be applied to all selectedorders. An additional functional control, “Cancel all selected orders”828 is provided to allow a user cancel all selected orders using asingle selection button.

While not shown, a scan column, similar to that shown in FIG. 3, couldbe used in relation to the order book shown in FIG. 8B. According to oneexample embodiment, a scan column could be displayed in the interface802. Alternatively, the functionality of the scan column could be builtinto one of the existing columns, such as the column that displaysprices of each order. Using the scan column or the scan columnfunctionality described above, the order information displayed in thechange order interface 800 could dynamically change based on theposition of the cursor in the scan column or some other column assignedthe scan column functionality so that the order information displayed inthe interface 800 corresponds to the selected order.

Once activated, the interfaces 800 and 802 could be displayed inrelation to a depth interface displaying the selected working orderindicator, and the position of the interfaces could be changed by a userbased on the user's preferences. FIG. 9 is a block diagram illustratinga plurality of depth interfaces 902, 904, and 906 with accompanyingchange order and open order interfaces. Using such a combination, atrader can view changing market conditions and quickly change orderparameters of desired orders.

As explained earlier, when a trader selects a working order indicator inone of the depth windows 902-906, the corresponding open order interfacewill be populated with information corresponding to the selected order.It should be understood that more than one working order indicator couldbe simultaneously selected as well. For example, selection of any pointin the center column between the working order indicators may causeautomatic display of all working orders in an open order interfacecorresponding to the depth interface in which the selection was made.

Also, as mentioned earlier, a trader can move a working order indicatorto a new price level. In such an embodiment, a change order interfacecould reflect the price changes for the order, and a trader couldconfirm a desired price in the change order interface before any changesare made to the existing order. However, it should be understood that,through the setting of user preferences, this action can take placewithout a display of a verification screen or related elements.Similarly, when a trader moves two or more working order indicators tothe same price level to consolidate the orders, a change order interfacecould also reflect the consolidated quantity as well as the price atwhich the orders are placed. A trader could then confirm the desiredaction before any changes are made to the orders. Additionally, thecorresponding open order interface could display all selected workingorders upon selecting the “Show all” button described above. It shouldbe understood that FIG. 9 illustrates a simplified view of the changeorder and open order interfaces and additional icons shown in relationto FIG. 8 could be displayed as well, such the icons shown at 826, 828,and other icons described above.

C. Configurable Order Entry and Order Change Interfaces

While many traders enter their orders through their trading interfaces,some traders still use order entry windows, often referred to as “orderentry tickets.” While traders can configure individual settings withinan order entry ticket, such as a default price or quantity, they have nocontrol related to the overall physical layout of the major componentsof the order entry ticket. This means that traders are forced tointeract with a standardized order entry ticket having major componentsnot optimized for the trader's individual needs or style. Morespecifically, traders have no control over the layout of the elements,size of selection icons, and other physical and layout arrangementissues that often influence the speed and accuracy of order entry andother functions. The same limitations are often encountered with orderchange interfaces.

The interfaces described below specifically address the needs of tradersin the task of order entry and order change by creating a drag and dropstyle system that a trader can use to interactively create and modifyphysical layout of order entry tickets and order change interfaces. Sucha system allows a trader to create highly customized configurations thatare more closely aligned with the trader's individual trading style,which may result in faster and more accurate trade execution.

According to one example embodiment, a trader can build a customizedinterface using a number of preconfigured modules. FIG. 10 is a blockdiagram illustrating an example set of modules 1000 that can be used bya trader to create a desired order entry ticket and/or order changeinterface. While FIG. 10 will illustrate a number of particular modules,it should be understood that elements within each module could beselectable as independent modules as well.

The modules in FIG. 10 include “Module 1” 1002 with buy and sellbuttons, “Module 2” 1004 with default and selectable quantity buttons,“Module 3” 1006 with a clear button, “Module 4” 1008 with price andquantity fields and spinners, “Module 5” 1010 with market button and achange order button, and “Module 6” 1012 with drop down menu lists fordetails.

According to one example embodiment, to build an interface of a desiredconfiguration, a trader can first activate a default configurationwindow by selecting a “Configure default window” selection icon 1014.FIG. 11 is a block diagram illustrating an example default configurationinterface. More specifically, FIG. 11 includes a selection interface1102, a default configuration interface 1104, and an example orderentry/order change interface 1106. The selection interface 1102 includesa number of modules that can be used by a trader to create a desiredinterface, such as “B/buttons,” “Qty. value scale,” and others, all ofwhich were described in greater detail in relation to FIG. 10. Theselection interface 1102 also includes a number of predefined orderentry layouts, illustrated as “Config. 1”-“Config. 5,” which a tradercan select to automatically populate the default configuration interface1104.

If a trader does not select any preconfigured interfaces, the trader cancompose the default configuration interface 1104 by dragging modulesfrom the selection interface 1102 to a desired location in the defaultconfiguration interface 1104. In FIG. 11, the Buy/Sell buttons aredisplayed in the default configuration interface 1104 upon a traderselecting the “B/buttons” module in the interface 1102 and dragging itto the bottom of the interface 1104, as shown with an action line 1108.According to the embodiment illustrated in FIG. 11, a trader can selectdesired modules from the interface 1102 and drag them to the interface1104 in a desired vertical stacking order. The interface 1104 shows sixvertical levels that a trader can use as locations for the desiredmodules. However, it should be understood that fewer or more levelscould be used, and the location as well as the width of each level couldbe user-configurable. Also, once the modules are positioned in theinterface 1104, a trader can reposition them within the interface usingthe drag and drop functionality as well. Interface 1106 shows an examplelayout of the order entry/order change interface upon completion of theprocess.

FIG. 12 is a block diagram illustrating a plurality of order entrytickets 1200, 1202, and 1204 having different layouts. While theselection icons in each interface match in size, it should be understoodthat a trader could change sizes of certain selection icons. Forexample, certain icons that are used more frequently than others couldbe bigger than those used less frequently.

While FIGS. 11 and 12 described different methods for configuration ofthe order entry tickets, similar methods could be applied to create usertrading workspaces. FIG. 13 is a block diagram 1300 illustrating amethod that can be used to create a trading window workspace. To build atrading window workspace, a trader can drag and drop components from aselection pallet interface 1302 or quickly select one of the savedtrading window workspaces, such as “Config. 1” and “Config. 2,” shown inthe “saved configurations” portion 1306 of the selection pallet 1302. Tobuild a new workspace, a user can simply select a new configurationwindow workspace by selecting a “New Config” icon displayed along withthe saved configurations. Then, upon creating a new trading windowworkspace, a user can drag and drop different workspace components froma component section 1308 of the selection pallet 1302. The workspacecomponents illustrated in section 1308 correspond to the interfacesdescribed in detail above, and include from top to bottom, an orderentry interface, a depth gauge interface, an overview gauge interface,an open order interface, and an order change/trade ticket interface. Toplace a desired component in the trading window workspace, a trader canselect it via the component window 1308 and drag it to the tradingwindow workspace 1304, such as shown with respect to the order entrywindow and the depth gauge display illustrated in the trading windowworkspace 1304. Once positioned in the trading window workspace, theworkspace components can be moved to desired locations using the samedrag and drop functionality. The newly created workspace can be saved byselecting a “Save this configuration” button.

It will be apparent to those of ordinary skill in the art that methodsinvolved in the system and methods described above may be embodied in acomputer program product that includes one or more computer readablemedia. For example, a computer readable medium can include a readablememory device, such as a hard drive device, a CD-ROM, a DVD-ROM, or acomputer diskette, having computer readable program code segments storedthereon. The computer readable medium can also include a communicationsor transmission medium, such as, a bus or a communication link, eitheroptical, wired or wireless having program code segments carried thereonas digital or analog data signals.

The claims should not be read as limited to the described order orelements unless stated to that effect. Therefore, all embodiments thatcome within the scope and spirit of the following claims and equivalentsthereto are claimed as the invention.

1. A method for displaying market data associated with a tradeable object being traded electronically on an electronic exchange, comprising: receiving by a computing device market information for a tradeable object from an electronic exchange, the market information comprising a last traded price and an inside market with a highest bid price and a lowest ask price currently available for the tradeable object; dynamically computing by the computing device a highest traded price for a defined time period based on the last traded price for the tradeable object; dynamically computing by the computing device a lowest traded price for the defined time period based on the last traded price for the tradeable object; displaying by the computing device a market depth indicator in relation to a first value axis in a market overview interface, the market depth indicator corresponding to a plurality of market depth prices for the tradeable object, wherein the first value axis is bounded by the highest traded price and the lowest traded price for the tradeable object; displaying by the computing device a market depth interface in relation to the market overview interface, the market depth interface displaying the plurality of market depth prices and a plurality of areas for displaying at least a bid quantity indicator at the highest bid price and an ask quantity indicator at the lowest ask price in relation to a second value axis, wherein the plurality of market depth prices displayed in the market depth interface are determined based on a position of the market depth indicator in relation to the first value axis; receiving by the computing device a command to move the market depth indicator to a new location in relation to the first value axis such that the market depth indicator corresponds to a new plurality of market depth prices; and in response to detecting the new location of the market depth indicator, dynamically modifying by the computing device the market depth interface by adjusting the plurality of market depth prices displayed in relation to the second value axis to display the new plurality of market depth prices with corresponding bid and ask quantities available for the tradeable object at the electronic exchange.
 2. The method of claim 1, wherein the first value axis covers a larger number of values than the second value axis.
 3. The method of claim 1, wherein the defined time period is user configurable.
 4. The method of claim 1, wherein the command to move the market depth indicator is received based on a user input.
 5. The method of claim 4, wherein the user input comprises: dragging the market depth indicator with a user input device along the first value axis to the new location.
 6. The method of claim 1, wherein the command to move the market depth indicator is received based on detecting a user-defined event.
 7. The method of claim 6, wherein the user-defined event is based on market data corresponding to the tradeable object.
 8. The method of claim 1, wherein the first value axis comprises a first price-based value axis, and wherein the second value axis comprises a second price-based value axis.
 9. The method of claim 1, further comprising: selecting with a user input device a location in the market overview interface to initiate placement of an order to buy or sell the tradeable object.
 10. The method of claim 9, further comprising: displaying an order ticket comprising order parameters for the order; and sending the order to a matching engine at an electronic exchange.
 11. The method of claim 1, further comprising: selecting with a user input device a location in the market depth interface to initiate placement of an order to buy or sell the tradeable object.
 12. The method of claim 11, further comprising: displaying an order ticket comprising order parameters for the order; and sending the order to a matching engine at an electronic exchange.
 13. The method of claim 11, further comprising: displaying a market related indicator in relation to the market depth indicator at a location corresponding to a price of the market related indicator.
 14. The method of claim 13, wherein the market related indicator comprises an inside market indicator that is displayed in a location along the first value axis corresponding to a price of the inside market.
 15. The method of claim 14, further comprising: receiving new market information comprising a new inside market with a new highest bid price and a new lowest ask price; and updating the location of the inside market indicator to reflect the new inside market.
 16. The method of claim 13, wherein the market related indicator comprises a last traded price indicator.
 17. The method of claim 1, further comprising: displaying a trader related indicator corresponding to trader related data in relation to the market depth indicator at a location corresponding to a price of the trader related indicator.
 18. The method of claim 17, wherein the trader related indicator comprises a working order indicator.
 19. The method of claim 18, further comprising: moving the working order indicator to a new location corresponding to a new price.
 20. The method of claim 19, further comprising: sending a request to a matching engine at an electronic exchange to change the price of a working order corresponding to the working order indicator.
 21. The method of claim 18, further comprising: receiving a user input comprising a selection of the working order indicator to cancel a working order; and sending a cancellation request to cancel a working order corresponding to selected working order indicator.
 22. The method of claim 1, further comprising: changing a size of the market depth indicator to change a number of price levels being covered by the market depth indicator to a new number of price levels; and dynamically modifying the market depth interface to reflect the new number of price levels. 